Asian shares look set to extend their recovery from 12-week lows today, after renewed optimism on European banks' prospects and a rise in oil prices to near 50 US dollars a barrel, helped lift global shares.

Australian share futures rose 0.6 percent overnight, while U.S.-traded Nikkei futures point to a gain of 1 percent in Japanese shares.

On Wall Street, U.S. S&P 500 Index rose to 2,091, highest in almost a month and near its six-month intraday high of 2,111.